95. “The IMF reported that the Cook Islands is not a party to the Vienna Convention and that was challenged by the PM. The Cook Islands is included by way of a territorial application clause in New Zealand treaty action when New Zealand ratified the Vienna Convention in 1987. Although the Cook Islands is bound by the Vienna Convention it is not a stateparty in its own right. Therefore the Cook Islands is not entitled to accede to supplements or subsequent Protocols of the Vienna Convention. Before the Cook Islands can accede to subsequent Protocols it must accede
This paper reviews financial sector regulation and supervision in the Cook Islands (CI). The CI has taken a number of measures to strengthen its financial sector regulation. New legislation was passed for the regulation of banking activity, and a Financial Supervisory Commission (FSC) was established. A suite of antimoney laundering legislation was enacted in May 2003 with work ongoing in respect of legislation for combating the financing of terrorism. The new Banking Act and FSC Act provide a good basis for sound financial sector regulation.
of any of these bodies.
(vii) The term “executive head” means the principal executive official of the specialized agency in question, whether designated “Director-General” or otherwise.
Each Stateparty to this Convention in respect of any specialized agency to which this Convention has become applicable in accordance with Section 37 shall accord to, or in connexion with, that agency the privileges and immunities set forth in the standard clauses on the conditions specified therein, subject to any modification of those clauses contained
Tribunals will apply the law agreed by the parties; if there is no agreement, the Tribunal will apply the law of the Stateparty to the dispute, as well as any applicable rules of international law.
The Convention provides that, if neither party to arbitration proceedings explicitly reserves the right to have recourse to other remedies or requires that other avenues of relief first be exhausted, it will be conclusively assumed that the parties meant to exclude any remedy other than arbitration. It also prohibits a Contracting State from taking up the cause of one of its